P Corporation Acquired 80% of S Corporation on January 1,2017

Essay

P Corporation acquired 80% of S Corporation on January 1,2017 for $240,000 cash when S's stockholders' equity consisted of $100,000 of Common Stock and $30,000 of Retained Earnings.The difference between the price paid by P and the underlying equity acquired in S was allocated solely to a patent amortized over 10 years.
P sold merchandise to S during the year in the amount of $30,000.$10,000 worth of inventory is still on hand at the end of the year with an unrealized profit of $4,000.The separate company statements for P and S appear in the first two columns of the partially completed consolidated workpaper.
Required:
Complete the consolidated workpaper for P and S for the year 2017.
P Corporation and Subsidiary
Consolidated Statements Workpaper
December 31,2017